FHA down to 580 mid, 1 YR out of CH7

MrMortgage · 05-25-2009, 11:24 AM

I am an account executive for a small bank in Maryland. I can work with mortgage brokers and directly with Realtors. We do a lot of manual underwrites for borrowers that are not easily approved in automated underwriting. We lend in MD, DC, VA, FL, SC, OH, PA, and DE. In most cases we do not require a Verifcation of Rent on purchases.

FHA 580 Minimum Score
85% With Recent MTG Lates (Case by Case)

Ratios of 40/49 Allowed on Manual UW w/ 620 !!!

CHAPTER 13 BUYOUTS ………..…. OK
1 YEAR OUT OF CH. 7 ………......… OK
MANUFACTURED HOMES ..……………..OK
MODULAR HOMES ……………OK
Lates on 2nd Home/2nd Mtg/Investment but Clean on Primary We are Still able to do 85% C/O & 97.75% R/T

NON FHA APPROVED BROKERS OK
TOO MANY OTHER PROGRAM BENEFITS TO LIST !!!!

Email for Details/Pre Approvals
Wade
wades@usmfc.com

Business with Greg · 05-29-2009, 10:08 AM

I would rather discuss it on the board. I assume you are lending 1 year out of chapter 7 on the extenuating circumstances clause in the 4155. What exactly do you look for on that type of case?

MrMortgage · 06-20-2009, 09:30 PM

Quote:

Originally Posted by Business with Greg

I would rather discuss it on the board. I assume you are lending 1 year out of chapter 7 on the extenuating circumstances clause in the 4155. What exactly do you look for on that type of case?

Greg, I was away for a few weeks. If the loan is approved through an AUS we would just need a short explanation letter. If it is not approved through AUS (which is the case much of the time with a recent Bk) then we would require a 620 score for a manual underwrite. We will use a risk assesment score card to determine loan eligibility that takes into account the compensating factors. We close moderate and low risk manually underwritten loans.

SELLITNOW · 06-20-2009, 11:36 PM

Good to hear, good to hear indeed. Well what's your contact information for Virginia and when shall we speak?

MrMortgage · 06-21-2009, 05:37 PM

wades@usmfc.com
cell 443-610-9354
Tomorrow anytime is good for me.

SELLITNOW · 06-21-2009, 08:32 PM

Will be calling . . . seems too good to be true . . but will be calling . . . for certain . . .

SELLITNOW · 06-20-2009, 07:59 PM

Good news to hear. What about the DTI? How does that effect the amount one will be approved for when the scores is around that 580?

MrMortgage · 06-20-2009, 09:15 PM

Great question.
We just changed to a 600 mid. We will lend on any DTI that is approved through an Automated Underwriting System (LP or DU). Right now I'm closing a few files that have a 55 DTI. We are also pretty flexible on employment history. For instance, we are closing a loan for a lady who was laid off for eight months and just started back working 2 months ago. We are a wholesale lender so we are willing to work with a broker that you already do business with or we can originate the loan through our retail division.

jamesww · 06-21-2009, 04:39 PM

Anyone know of or do loan products similar to these in Texas?

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